Best Forex Brokers in Cyprus 2019
With so many forex brokers located inside Cyprus, how are you meant to choose the best one for you? With the competition this fierce the only way to truly know what’s what is by referring to the FXEmpire list of best Cyprus Brokers. Our list is built from research conducted by us and by user feedback.
How to Choose a Forex Broker in Cyprus
General Regulation & Cyprus Regulation
Cyprus is the home of the forex brokerage business in Europe as companies have taken advantage of the tempting business environment provided by the government there. To ensure that all forex brokers operating in Cyprus maintain globally accepted standards which ensure protection of investors, the Cyprus Securities and Exchange Commission (CySEC) was formed. Apart from providing regulation of the local stock market, CySEC also regulates and licenses all forex brokerages in Cyprus (classified as Cypriot Investment Firms or CIFs) as well as staff of these brokerages. CySEC maintains a register of licensed CIFs as well as CIFs that have been sanctioned. CySEC also administers a certification proficiency exam for staff of CIFs to ensure that those who work in these firms understand the regulatory environment of the forex market in Cyprus and have the required proficiency to handle forex brokerage needs of clients of the firms in which they work.
As a member state of the EU that is a signatory to the MiFID protocol, Cyprus also recognizes appropriately regulated forex brokers located in countries which are signatories to this protocol. Therefore, forex traders in Cyprus are not restricted to using just CySEC-regulated forex brokers.
Trading Platform & Software
As a forex trader, you will benefit from the opportunity to use various turnkey and proprietary trading platforms, spread across hundreds of forex brokers. Many brokers will offer you the opportunity to trade with web-based software, downloadable trade terminals and mobile trading software. Brands covered include the MT4/MT5, NinjaTrader, JForex, ActTrader, cTrader ECN platforms, etc.
Commissions & Spreads
Cyprus forex brokers who function as market makers do not charge commissions on forex trades. However, Cyprus forex brokers who operate the ECN model charge commissions on forex trades. Both categories of forex brokers charge commissions on CFD trading. The usual business model for Cyprus forex brokers is to charge a spread on all assets traded. The spread here varies with the asset, and typically starts at 0.5 pips for the most liquid currency pairs.
Some Cyprus forex brokers will offer several account types to ensure that the needs of all categories of forex traders are met. Accounts are usually of the following types, even though the names may differ:
- Mini account – great for the beginner trader with a low deposit requirement and minimum lot size to be traded
- Standard or Gold account – often the most popular account type because of its conducive conditions and optimized trading terms
- Premium or VIP accounts – usually reserved for the high volume or professional trader. The benefits are usually better than the other account types but minimum deposit starts from around $20,000.
The customer service desk bridges the geographical gap between forex traders and forex brokers. Since everyone who trades forex cannot physically visit the broker, it is essential that Cyprus forex brokers highly efficient and knowledgeable customer service. Customer service is usually provided in English and other widely spoken European and Asian languages such as French, Spanish, German, Portuguese, Arabic and Mandarin.
Some Cyprus forex brokers will provide the following extra services:
- Forex VPS services
- Social trading
Is Forex trading legal in Cyprus?
Yes it is, it’s legal and highly regulated too.
Does Cyprus regulate forex trading?
Cyprus regulates and licenses forex brokers as well as the personnel working in these brokerages.
Can Cyprus forex traders trade with brokers in other EU countries?
Yes, if those brokers are MiFID compliant which means that the brokers can passport their services across the whole of the Eurozone.
Here is a list of recommended Cyprus forex brokers that meet our conditions of reliability, service delivery as well as regulatory requirements.
It is highly recommended that Cyprus forex traders use only CySEC regulated or MiFID regulated forex brokers. This ensures that the forex brokers used are those who will segregate accounts and place the customer in a compensation scheme in case anything goes wrong.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA, FSB, MAS||Israel||$100||Open Account|
|CySEC, FCA, FSB, IFSC||Cyprus||$5||Open Account|
|ASIC, FCA, FSB||United Kingdom||$300||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|